Half a Million Current Accounts


(Tristan Thomas) #1

We’re incredibly excited to announce that we’ve hit half a million current accounts here in the UK! :tada:

Thank you to everyone who’s made this possible. We’re coming to the end of the prepaid and are now able to focus 100% on bringing amazing features to everyone on the full Monzo account.


Community Roundup - 23/3/2018
(Jonathon) #2

Congrats!


#3

Well done all at :mondo: and good luck hope to see a million soon.


(Kenneth Cajigas) #4

A big achievement for the Monzo team and I cannot wait for the next big step Monzo will go in :grin::grin: Congrats!


#5

how many active?


(Jonathon) #6

Inititally I thought this too, but then I figured that with it being so soon after current accounts were launched, there is an active decision to actually upgrade, so in theory all!


#7

how many as a primary account with salary received by BACS Credit Transfer?


#8

Just how many doing something. I upgraded mine as soon as I could, but tbh its sat dormant since about a week after I upgraded (early Nov 2017) as it just wasn’t working for me personally. I’m still interested however in the direction and features, so semi active here for that reason.


(Graham - Mental health professional) #9

Yes, that’s a good point, @zombi, me too.


(Alex Sherwood) #10

lol I wonder why that is :wink:


(Marcus Nailor) #11

Congrats Monzo! :monzo::tada::monzo::tada::monzo::tada::monzo::tada:

Super exciting to see the numbers ticking up so quickly :smiley: Here’s to the next 500’000 :wink::beers:


(SJ) #12

Yay! :tada:


(Graham - Mental health professional) #13

Just waiting for those features to start rolling out…:grinning:then who knows…


(Alex Sherwood) #14

Shout out to Neal for making the viral growth visualisation for this blog :smile:


#15

I don’t necessarily think at this stage that metric will be any more useful than the monthly active user figures. I use Monzo extensively for all my expenditure - both online & offline - yet choose to bank transfer in disposable income manually on a monthly basis from my “legacy” bank. I’m sure this is the case for the majority of the half a million current account users given Monzo is still a young but evolving fintech.

What more pertinent info will you yield from knowing how many directly have their income paid in?


#16

likely bank costs/overheads per user which a good comparitor between banks


#17

The latest public reports from Q4 2017 included the following:

  • Loses £50 per year per active pre-paid customer
  • ~40% of the per-customer loss is due to international ATM usage driven by a small minority of user-base
  • Weekly growth rates: 5% in customer numbers & 7% in transaction volumes
  • Hiring 40 new customer operations staff in the next 6 months

Monzo has made huge progress in all these avenues by closing be prepaid programme, changing the overseas ATM policy, converting prepaid customers into current account users, and I imagine they’ve beefed up on staff.

It’ll be interesting to find out the next figures later down the line for sure to see if the unit economics have improved.


(Rika Raybould) #18

I can say that they certainly have improved! Still some work to be done but broadly, we now want to spend time on making the experience better for those who use Monzo as a current account with improvements and features that support that, rather than adding too many further restrictions on things such as foreign ATM usage or topping up by another debit card. :slightly_smiling_face:


(Jolin) #19

Congrats to all at Monzo! :tada:

I really like the visualisation in the post, but at the risk of being nitpicky, what about Shetland which was unceremoniously chopped off? Is number of accounts there similar to on Orkney (which is shown)? Genuinely curious if the claim about ‘all corners’ is true. (Also, Shetland is a lovely region with wonderful people, so a bit sad to see them left out.) :smile:


(Adam) #20

This is a super effort - well done to everyone at Monzo. Tom and his team MUST be super proud.